Rolling economic and financial news, as Europe’s largest economy is hit by falling demand and Tesco’s profits halve * German industrial output down 1.2% * Economist: Weakness can’t be ignored * Spanish output also drops in August * VW shares rally on recall plan * Tesco profits halve 10.32am BST ENCOURAGING NEWS FROM GREECE. THE EUROPEAN CENTRAL BANK HAS CUT THE AMOUNT OF EMERGENCY SUPPORT IT IS PROVIDING TO THE COUNTRY’S BANKS BY €1BN, TO €87.9BN. That’s at the request of the Bank of Greece. The reduction of €1.0bn in the ceiling reflects an improvement of the liquidity situation of Greek banks, amid a reduction of uncertainty and the stabilization of private sector deposits flows. 10.09am BST BRITAIN’S FACTORIES POSTED A 1.0% RISE IN INDUSTRIAL OUTPUT IN AUGUST, BEATING GERMANY AND SPAIN. Manufacturing output increased by 0.5% in August - unlike to be enough to halt a 3rd consecutive quarter of contraction however #ukmfg August’s rebound in industrial production means that the sector may have managed to eke out marginal growth in the third quarter rather than contracting as had previously looked likely. Even so, industrial production was still only up 0.1% in the three months to August compared to the three months to May. Continue reading...
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